“My view is that there is already a great deal of competition in the world for financial services so any additional viable jurisdictions coming into the market must demand our attention, we must keep our eyes on developments.

We need to remember that there are countries in the region who have come into the market quite late, much later than The Bahamas, and done quite well. Look at Barbados, which has a tax structure, it has been quite creative in using that to take advantage of double taxation agreements and has had some significant success.

We have to watch these kind of challenges. This is a difficult and key time for financial jurisdictions and we cannot be complacent.

This should serve as a reminder that we need to be dynamic and competitive to protect our market share. We need to address legislation that has to remain up to date and the resources we give what is the second biggest industry in The Bahamas.”

Respected QC Brian Moree, senior partner of McKinney, Bancroft & Hughes,

David Smith to answer 30 charges on June 28

“ACOM is not in a position to opine on the innocence or guilt of David Smith as charged. The Association of Concerned Olint Members however insists that already the TCI administration, including the TCI court, has meted out a grave injustice to Mr Smith and his thousands of club members by deliberately delaying the prosecution of the charges they hastily laid against him. ACOM reminds all concerned that justice delayed is justice denied.”

The Association of Concerned Olint Members (ACOM)

http://www.jamaicaobserver.com/business/David-Smith-to-answer-30-charges-on-June-28_7612219

BOJ bullish on the economy as signs of confidence re-emerge

“We have begun to see some encouraging signs in the financial markets as investors’ anxiety about the JDX morphed into a more positive perception of Jamaica’s medium-term economic prospects,”

“The central bank sees the declining trend in interest rates as an indicator of significantly improved market perceptions about the Government’s fiscal-debt profile, as well as a measure of the prospects for stable economic conditions in the medium term,”.

Brian Wynter, governor of the Bank of Jamaica (BOJ).

http://jamaica-gleaner.com/gleaner/20100514/business/business2.html

Scotiabank cuts low rates

“This will be the bank’s lowest base lending rate in five years, as well as the lowest lending rate among the major commercial banks locally,” said Scotiabank in a statement announcing the adjustment.

http://jamaica-gleaner.com/gleaner/20100514/business/business1.html

JNBS going after NHT’s mortgage portfolio

The industry would remain sluggish unless “there is growth in the economy and new jobs are created (so that) borrowers’ disposable income can support their ability to service a mortgage loan,” she said, and “there is an availability of residential properties to fill the demand at certain price ranges.”

Wanica Purkiss, executive of the Mortgage Department at Jamaica National Building Society

Whitelocke at SJBS had a different view.

“I am anticipating an uptick in activity,” he said. “I think it should have a positive impact on the market.”

http://jamaica-gleaner.com/gleaner/20100514/business/business3.html

$750m more for micro lending

“This means that institutions that lend to the MSME sector, such as the Jamaica National (Building Society), Nation Growth (MicroFinance Limited) and Access Financial Services will be able to access more funds and provide hope for thousands,” he remarked.

Commerce Minister Karl Samuda told Parliament during his contribution to the 2010/11 Sectoral Debate

http://www.jamaicaobserver.com/business/750m-more-for-micro-lending_7604640

CCFG ups profits, shifts towards loan growth model

“The road ahead is laden with challenges, but we have already made the paradigm shift to the new economic realities and with our strong capital base of over $6.31 billion, coupled with the new strategic alliances in process, the CCFG expects to restore its growth and maintain its stability.”

http://www.jamaicaobserver.com/business/CCFG-ups-profits–shifts-towards-loan-growth-model_7604339

UK’s Gordon Brown Seeks Deal With Lib Dems

“As leader of my party, I must accept that that is a judgement on me,” Brown said, offering to step down before the party conference in Septembe .

British Prime Minister Gordon Brown

http://jamaica-gleaner.com/gleaner/20100511/news/news8.html

Trade Winds GM Shows Hillel Students The Way Forward

“You can’t replace an educator, but the more that you can get them to touch reality and see people that have done something successful, not necessarily in business alone, whether it is in the accounting profession or legal profession; until they actually experience it in reality, I don’t think the students have a full appreciation for what’s its all about,”

Peter McConnell, managing director of Trade Winds Citrus Ltd

http://jamaica-gleaner.com/gleaner/20100511/news/news3.html

For Bernard Williams…It Takes Customers To ‘Care’

“We manufacture our furniture ourselves, hence we can give special prices, and I always believe that my customers are the most important aspect of my business,” he said.

“A satisfied customer will always come again and tell people (about the business). I have had three generations of customers – mother tells daughter, daughter tells daughter – and it goes right around. We try to give value for money.”

Bernard Williams Care Furniture Company Limited

http://jamaica-gleaner.com/gleaner/20100509/business/business2.html

NCB extends financing to productive sector

“Our mission of building a better Jamaica can only be strengthened by helping to create a productive Jamaica and to play our part in creating an environment in which economic development and investment can thrive”. NCB Group managing director Patrick Hylton.

http://www.jamaicaobserver.com/business/NCB-SME-extends-financing

Show me the money, LIME tells Digicel

“We’d expect Digicel to say they want to negotiate on the costs. They lost the case comprehensively, and the judge has awarded costs against them. We estimate that they have spent about £10m in legal costs already, so it doesn’t surprise us that they want to negotiate. We are considering our position, but as we have been awarded costs by the court, we are very well positioned,”

Donald Austin, executive vice- president, legal and regulatory at LIME, the name under which C&W operates in the Caribbean.

http://www.jamaicaobserver.com/business/LIME-Positions-digicel

Small hotels need national marketing policy

“The problem with small hotels is that they are not very well marketed. We have no national policy to represent our small hotels. We have a group called Intimate Hotels which represents about 50 of our small properties, but that means that 80 are not being collectively marketed in some shape or form.” Adrian Loveridge,

http://www.nationnews.com/news/business/small-hotels-need-copy-for-web

The rise and fall of Clico

Mr Cyril Duprey must be turning in his grave. The damage to Trinidad, Barbados and the wider Caribbean created by CLICO’s failure is going to be felt for many, many years and in many, many ways. Not least of which will be brands and reputations.

http://www.nationnews.com/news/business/Peter-boos-on-clico-copy-for-web

Gov’t appears anxious to list debt on JSE

The executives argued that by making Government debt tradable on the JSE, investors stand to benefit from more market information and potentially better prices on what would be a more efficient and transparent secondary market.

Investors, they said, would be able to track the performance of their investments and expect greater public interest and participation in buying and selling Government bonds.

http://www.jamaicaobserver.com/business/Gov-t-appears-anxious-to-list-debt-on-JSE_7581588

Encourage local entrepreneurs

Peter McConnell, who yesterday said he felt Butch Stewart was one of the most famous local entrepreneurs, said that what was needed in Jamaica was for authorities to encourage local entrepreneurs to establish businesses that add value to the economy.

http://www.jamaicaobserver.com/business/McConnell-speaks_7581535

Another music store closes as piracy booms

Mobile Music will shut down at the end of the month — the latest record store to exit a market that has been downsized by a lucrative bootlegging trade in CDs and DVDs.

As a precursor to the closure the store is holding a clearance sale, with 25 per cent to 50 per cent off all CDs, DVDs and video games. The Liguanea, St Andrew-based record store gained popularity in the late 1990s for its diversed music collection.

http://www.jamaicaobserver.com/business/Another-music-store-closes-as-piracy-booms_7578245

JCSA admits rampant waste in public sector

PRESIDENT of the Jamaica Civil Service Association (JCSA) Wayne Jones has admitted to rampant waste in the public sector, but says the problem cannot be solved simply by slashing the wage bill. “Waste is rampant in the public sector, no question about that,” Jones told reporters and editors during the Observer Monday Exchange held at the newspaper’s offices in Kingston.”That waste includes waste in material, waste in terms of how we expend and how we do procurement, waste in how we manage motor vehicles and even the way we recruit people and compensate them,” Jones said.

http://www.jamaicaobserver.com/JCSA-admits-rampant-waste-in-public-sector_7578023

“Air Jamaica has a debt of TT$12 billion, but Manning wants to own that airline by July 1, 2010.” Moonilal also took a jab at Works and Transport Minister Colm Imbert saying: “Imbert told the Parliament in February 2010 that the Government will not pump money into Air Jamaica. “This, after spending over $1 billion to restructure Caribbean Airlines.” Moonilal also reminded supporters of Manning’s intention to purchase a private jet. “You the people raised your voice in protest when Manning tried to buy a private jet,” he said.

Incumbent Oropouche East MP Dr Roodal Moonilal – Trinidad and Tobago

29 Apr 2010

1 May 2010